FX.co ★ Portugal Business Sentiment Edges Lower

Portugal’s business confidence indicator slipped to 2.8 in September 2026 from 2.9 in August. Sentiment deteriorated in construction and public works (4.5 vs 4.9) after six consecutive months of improvement. Confidence in overall trade also declined sharply, dropping to 1.7 from 3, driven by a notable worsening among wholesalers (-1.5 vs -0.1) and retailers (4.9 vs 6.1). In contrast, confidence ticked up slightly in manufacturing (-4.3 vs -4.4) and in services (8.8 vs 8.4). Looking ahead, expectations for faster price growth strengthened across all sectors, with the largest increases in manufacturing, services and trade, and a more moderate rise in construction and public works.